The Business of Experience ‘secret sauce’ for Customer Retention
Business Experience is propelling companies forwards, forcing them to change their business models and adapt to the new market reality. But the reality is that it is not the companies that are driving this change – it’s the customer.
Customers have come to expect relevant content in relation to what they’re doing anytime, anywhere and in the format and on the device of their choosing. It’s their journey that dictates your strategy. If you want to even attempt to keep up with the novel “always connected” generation of users, your business must embrace technology to deliver an unmatched customer experience.
Since a ‘customer first’ strategy is what is usually adopted by most companies, this should not be too difficult.
The adoption of Business Experience
According to research from IDC,34% of companies believing they’ll fully adopt digital transformation within 12 months or less. In fact, 79% of the companies surveyed admitted that COVID-19 increased the budget for digital transformation. The net global spending on digital transformation in 2018 was approximately $1 trillion, with that number increasing to over $2 trillion by 2022.
In their State of Digital Business Report, Progress revealed that 47% of companies haven’t even started their digital transformation – while 59% of the companies were afraid that they may have already missed the boat. What’s more, the same study found that 55% of businesses believe they have less than a year before they start to suffer financially and lose market share. Sounds scary, especially if you’re one of those companies on the fence, wondering if Digital Transformation is in your best interest.
We’ve already done a series of articles on the topic, ranging from how to get started, to how Digital Transformation can help your HR process or CMS. So instead, let’s take a look at how you can make it work for your customer retention.
The bits nobody tells you about
The use of mobile technology has changed consumer habits. Apps, machine learning, automation and much more allow customers to get what they want almost exactly at the moment they need it.
To add to this, these new digital technologies have caused a shift in customer expectations, resulting in a new form of ‘modern buyer’; one who is constantly connected, app-native, and aware of what can be done with technology. Because of the opportunities that arise from using modern technologies, customers have begun rating organizations on their digital customer experience first. That being said, here are the key areas that you need to consider.
Replace cold calling with social selling for customer retention
For business-to-business sales teams, digital-first means replacing cold calling with social selling. Since your customers are already active in social media, that’s where you need to be. Instead of waiting for the customer to contact you, you will need to reach out to them, build a relationship and help educate them. You can do this by sharing relevant content and your expertise as part of a solution to their problem. Need help with your Digital Marketing and Digital Content creation? Reach out to us. We have a team of dedicated Digital Marketers who can help you reach your target audience.
Reduce your spend on offline marketing activities
Going digital doesn’t mean abandoning your traditional marketing strategy – however, you should consider tipping the scales. For marketing teams, digital-first means reducing your spend on offline marketing activities, such as direct mail, billboards and TV ads. Your customers want (and expect) highly targeted, geo-specific messages. This can only be achieved through a data-driven marketing strategy. In order to succeed, you will need to use digital channels to implement search engine marketing, account-based marketing and email marketing strategies.
Be proactive with customer retention
For customer service teams, you’re no longer restricted to waiting for the phone to ring or for a fax to come through. Digital-first is not about being reactive. It’s about being proactive in the way you help your customers, who use a wide range of channels to seek out support. Social media channels, review sites such as Yelp or even Google, forums, and communities are all now part of the customer service eco-system. If you need to interact with your customers, you need to be where they are.
When it comes to Digital Transformation, most consultants will set you up with the tools for the job, but very few will show you how to use it. Fewer still will set you up to succeed, because the reality is that it takes time for any company to make Digital Transformation work for them – especially when coming from traditional marketing mediums. At Kilowott, we believe in digital-first, customer-forward.
Speak to one of our social selling experts to get that bolt of higher customer retention percentage. Also, follow our unique digital transformation blog to learn more about business strategies and customer retention.